Turkish inflation probably accelerated to the fastest since January, underscoring the central bank’s challenge as it raises interest rates to try to end a cost-of-living crisis.
With food and energy costs on the rise, the pace of annual price gains probably soared to near 56% last month from almost 48% in July, according to the median forecast in a Bloomberg poll of economists. Turkey’s statistics office is due to release the data on Monday.
Restoring price stability has increasingly become a priority since President Recep Tayyip Erdogan won reelection in May and then revamped his economic team by appointing Finance Minister Mehmet Simsek and central bank Governor Hafize Gaye Erkan. But the second-biggest depreciation in emerging markets this year is still feeding through to the economy and amplifying the impact on prices of recent tax hikes announced by the government to finance a widening budget deficit.“Turkey’s inflation rate likely rose above 50% in August, a level not seen since March, amid higher food and energy prices.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Erdogan's Russia visit vital for grain deal, Turkish leader's chief aide saysANKARA (Reuters) - Turkish President Tayyip Erdogan and his Russian counterpart Vladimir Putin will focus on the Black Sea grain deal during their ...
Read more »
Erdogan's Russia visit vital for grain deal, Turkish leader's chief aide saysANKARA (Reuters) - Turkish President Tayyip Erdogan and his Russian counterpart Vladimir Putin will focus on the Black Sea grain deal during their ...
Read more »
Chancellor Hunt Says UK Is on Track to Halve Inflation This YearChancellor Jeremy Hunt reiterated the UK government’s pledge to halve inflation this year, saying pressures on household budgets will soon begin to ease.
Read more »
UK finance minister Hunt says inflation is on track to come downLONDON (Reuters) - British finance minister Jeremy Hunt said on Saturday inflation was on track to halve by the end of 2023, vowing to focus on the ...
Read more »
Pakistani traders strike countrywide against high inflation and utility billsPakistani traders on Saturday went on strike against the soaring cost of living, including higher fuel and utility bills and record depreciation of the rupee against the dollar, which has led to widespread discontent among the public.
Read more »
Market traders strike in Pakistan over power bills and inflationBy Mubasher Bukhari and Saleem Ahmed LAHORE, Pakistan (Reuters) - Public markets across Pakistan stayed closed on Saturday due to a strike by retail ...
Read more »